Bitcoin ($BTC ) Momentum Loss: A Tumultuous Start to the Week
The week began on a shaky note for Bitcoin ($BTC), dropping 2.07% to $64,392, while Ethereum ($ETH ) also faced headwinds, down 1.69% to $2,624. Following last weekâs bullish run, crypto investors are now bracing for Fed Chair Jerome Powell's speech on September 30, along with crucial nonfarm payroll data set to release on Friday. This could lead to a week full of market-shifting events.
As uncertainty looms, sell-side transactions in BTC have surged. Despite a brief rally following lower-than-expected personal consumption expenditures (PCE) data, which tested resistance at $66,500, Bitcoinâs momentum seems to be fading. According to Rachael Lucas, a crypto analyst at $BTC Markets, the bullish sentiment remains, but the loss of momentum is concerning. Lucas notes that Ethereum struggled to hold above its 50-day moving average, contributing to its recent decline.
As the market awaits these pivotal announcements, stay informed and ready to navigate the waves of volatility!
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